Multiple Choice Questions Raw materials and merchandise

purchased can be included #4120

Multiple Choice QuestionsRaw materials and merchandise purchased can be included in (two
possible alternative answers)(a) Cash(b) Expenses(c) Fixed assets(d) Current assets(e) None
of these2 Obtaining a long-term loan (debt) affects which of the following accounts(a) Operating
liabilities(b) Financial liabilities(c) Shareholders’ equity(d) Retained earnings(e) None of these3
Land, buildings, furniture and computers are included in(a) Current assets(b) Fixed assets(c)
Cash(d) Inventory(e) None of these4 The document reporting all the expenses and revenues for
a given period is the(a) Statement of financial position(b) Statement of cash flows(c) Income
statement(d) Balance sheet(e) Notes to financial statements(f) Statement of changes in
equity(g) None of these5 In the periodic inventory system, the change in inventories of raw
materials is equal to(a) Beginning inventory minus Ending inventory(b) Ending inventory minus
Beginning inventory(c) (Beginning inventory þ Ending inventory)/2(d) None of these6 Retained
earnings represent(a) Cash available for future investments(b) Dividends distributed to
shareholders(c) Earnings not distributed(d) None of these7 Advance cash payments received
from customers are included in(a) Revenues(b) Assets(c) Liabilities(d) Shareholders’ equity(e)
Expenses(f) None of these8 Advance cash payments to suppliers are included in(a)
Revenues(b) Assets(c) Liabilities(d) Shareholders’ equity(e) Expenses(f) None of these9 The
depreciation recorded in the balance sheet includes(a) Only accumulated depreciation
recognized in previous years(b) Only the depreciation expense for the current year(c) Both (a)
and (b)(d) None of these10 An example of an item that is not a current asset is(a) Accounts
receivable(b) Inventory(c) Equipment(d) Cash(f) None of theseView Solution:
Multiple Choice Questions Raw materials and merchandise purchased can be included

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